In a letter to investors published on June 15, the managing director of Link Fund Solutions, Karl Midl, revealed that the fund lost £24 million of its net asset value when Rutherford Health appointed a receiver to liquidate the company.

Midl described the development as “extremely disappointing news”, adding that while it was “premature” to know how much of his investment might be recouped, the revaluation to zero reflected the current uncertainty about whether a any return on investment.

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“Unfortunately no agreement could be reached and the decision of the company’s board of directors to appoint an official receiver for its liquidation was inevitable,” Midl wrote. “At this stage, we don’t know what value, if any, is salvageable, but we will endeavor to salvage as much as possible for the fund.”

As of June 15, the fund’s net asset value stood at £119 million, down from a high of £145 million on April 29.

The fund will also change the frequency of publication of its net asset value from monthly to quarterly, with effect from June 30.

Midl also reiterated that Link is unable to provide a date for the fifth capital distribution for the fund.